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Gold spikes to $1218 as dollar slips

  • Regular
  • FX Market
  • 1 month ago
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Comex gold climbs more than 2% to $1,218/oz. for its third straight daily gain, the metal’s best run since late August, as the dollar slips amid the global slump in equity markets.

"Now that the dollar and yields have eased back, gold is finding some solid support, especially given that the stock markets are selling off,” says Forex.com's Fawad Razaqzada. "The metal could extend its gains further should it finally crack that $1,205-$1,215 resistance range on a daily closing basis."

"Rising U.S. yields and general strength in the dollar have meant that investors have largely ignored gold. But people are seeing fairly good value at current levels on the back of some macro concerns," says ING analyst Warren Patterson.

Source : SA News